A 480 volt motor does see 480v on the coils! The windings are tied together, and you have 480v on each phase!
Your original question: Acceptable 500 MCM cable insulation resistance. ---Depends on whether it is new installation or old, and the voltage rating of the cable.
I have meggered thousands of new cable on new construction. If you are talking 600v cable on 500 MCM then engineering would accept 100 megohms, phase to phase and phase to ground. That reading is taken with a megger that is set on the 500 volt output - not with a fluke that would probably read that same cable in the gigohms. Engineering would never accept a megger reading taken with a fluke. I am definitely not bad mouthing flukes - I have three 87's, a 73, and a 741B, and also a Biddle megger with 100v, 250v 500v and 1000v settings. Old cable, depending on the environment will undoubtedly megger lower, but I would not begin worry unless it got to 10 megohms.
If I was representing the client or engineering, and the cable meggered less than 100 meg ohms, with a 500v megger, I would not accept the installation.
It would need to be removed from the conduit, and a new cable pulled.